Chunghwa Picture Tubes Ltd (
That was the latest development in the eight-month long litigation between Chunghwa Picture Tubes and its South Korean rival, LG Philips LCD Co. The district court of Delaware ruled yesterday that Chunghwa Picture Tubes, its parent company Tatung Co (
The court also awarded LG Philips, the world's top LCD panel maker, US$52.4 million in damages.
"Chunghwa Picture Tubes is continuing its vigorous defense and intends to appeal the district court's decision," the company said in a statement.
Tatung will also lodge an appeal to try and nullify the ruling, the company announced in a filing to the Taiwan Stock Exchange yesterday.
LG Philips filed a complaint against Chunghwa Picture Tubes at the district court of Delaware in November last year, alleging that the Taiwanese company infringed on two patents relating to the manufacture of LCD panels. However, the Seoul-based company later dropped one of the charges.
Chunghwa Picture Tubes and Tatung shares underperformed yesterday, dropping 2.61 percent and 2.15 percent to NT$7.1 and NT$11.4, respectively, on the Taiwan Stock Exchange yesterday in response to the unfavorable ruling, while the benchmark index gained 0.32 percent.
Chunghwa Picture Tubes, which generates around 90 percent of its revenues from making flat panels for computers, is scheduled to announce its second-quarter earnings during a conference call next Thursday.
The Taoyuan-based panel maker may see quarterly losses widen to NT$3.7 billion in the second quarter owing to drastic price declines, BNP Paribas Securities analyst Frank Su (
Chunghwa Picture Tubes reported a loss of NT$1.8 billion in the first three months of the year.
Su had a "hold" rating on the stock.
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